Yellow Card, an African cryptocurrency exchange, has acquired important regulatory authorisation to keep growing its operations across the continent.
According to the announcement made on October 24, Yellow Card has received a virtual asset service provider (VASP) license from the Botswana Non-Bank Financial Institution Regulatory Authority (NBFIRA).
Using the local fiat money, the Botswana pula, to buy and sell Bitcoin stablecoin is now permitted via Yellow Card thanks to the new license.
The additional license, in the opinion of Yellow Card’s CEO and co-founder Chris Maurice, creates more possibilities for the company to expand to payment partners and banking institutions throughout Africa.
“This will further show regulators in other markets that we are not just any other cryptocurrency company — we are pioneering, pushing boundaries and setting the standard,” Maurice stated.
In accordance with Section 11 of the Virtual Asset Act of 2022, the NBFIRA issued the VASP license on September 29.
Officially subject to local control now, Yellow Card asserted that it also conforms with important international laws, such as the Financial Action Task Force’s Travel Rule’s Know Your Customer and Anti-Money Laundering obligations.
The release states that Yellow Card is also registered with goAML to assist in reporting on AML, sanctions, and financial crimes and that it complies with the US Foreign Corrupt Practices Act.
Botswana, a country in southern Africa, is home to about 2 million people. As part of its efforts to tighten AML regulations, its government passed a bill to control the trading of cryptocurrencies and digital tokens in February 2022. According to the new regulations, anyone wishing to provide cryptocurrency services in Botswana must obtain a license from the NBFIRA and adhere to a number of requirements.
A short while ago, the government had a deep mistrust for cryptocurrencies, with the central bank issuing a November 2021 warning about the severe risks of investing in cryptocurrencies.
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